The Foreign Bank Account Report, or FBAR is required to be filed by a U.S. citizen, greencard holder, or any resident-alien taxpayers who pass the substantial presence test that have more than $10,000 in bank accounts outside of the United States any time during the year.

Form 8938, so called FATCA, is an attachment to your federal tax return on which you must disclose foreign financial assets to enable the IRS to ensure that any related taxes have been paid.

If you’re not sure if you’re required to file an FBAR and/or FATCA, our team of highly experienced expatriate CPAs is happy to help you!